For more than a year, Elon Musk has been prophesying a new era for AI. The SpaceX CEO has said that building AI data centers in space is a “no brainer,” and that it would be the cheapest place to put AI within two to three years. But the company’s pre-IPO filing presents a much more conservative outlook.

SpaceX is preparing to make what could be the largest initial public offering in history, targeting a valuation of roughly $1.75 trillion with a $75 billion raise. The U.S. Securities and Exchange Commission (SEC) requires companies to submit an S-1 statement before going public, in part to inform potential investors of the risks.…